Agritech startup Ergos Business Solutions has raised Rs 38.5 crore in Series A funding from Chiratae Ventures and Aavishkar Capital. The ongoing spherical may see it increase as a lot as Rs 80 crore.
The firm gives farmers a platform that operates just like a financial institution, however for grains, providing services for storage, digitisation, credit score and liquidation. The startup stated it really works with small farmers, and over the previous 5 years has been capable of assist them enhance their incomes.
“We are building the Ergos Grainbank to serve small and marginal farmers by leveraging technology and data sciences to disrupt the way farmers deal with their produce. We intend to rapidly scale our geographic footprint…at over 2,000 Grainbank locations over the next few years,” stated Kishor Jha, founder and CEO at Ergos.
The firm stated it presently helps over 20,000 farmers on its platform and has a bodily presence in over 60 places throughout the state of Bihar. It additionally gives farmers with a publish-harvest provide chain answer that utilises know-how to make sure seamless supply.
“Ergos is bridging the large gap between the selling price of produce and the realisation of farmers at the farm-gate by using technology to facilitate credit and market linkages to the grains stored with it,” stated TCM Sundaram, founder and MD at Chiratae Ventures.
“Ergos is expected to capitalise on its early lead to become a market leader that creates sustainable development to the farmers’ life,” added Sundaram.